Please use the following information for the ten (10) questions for this chapter:
ABC has a corporate charter that authorizes it to issue up to 100,000 shares of $1 par value common stock. The following events occur in 2022:
On January 1, ABC issues 10,000 shares of common stock for $20 per share. On April 1, ABC declares a dividend of $2 per share. On May 1, the dividend is paid. On September 1, ABC repurchases 1,000 shares of its common stock for $15 per share. On October 1, ABC declares another $2 per share dividend. On November 1, the dividend is paid. ABC had $50,000 in net income for the year.
5. What is the total balance in Equity as of December 31, 2022?
Enter your numbers with no dollar signs and no commas. Please enter as a positive number with no negatives. For example, if the answer is $21,000, enter 21000.
6. What is the balance in Treasury Stock as of December 31, 2022?
If the amount increases equity, enter it as a positive number. If the amount decreases equity, enter it as a negative number. Enter your numbers with no dollar signs and no commas. For example, if the answer is $21,000, enter 21000.
7. What is the balance in Common Stock, Par Value as of December 31, 2022?
If the amount increases equity, enter it as a positive number. If the amount decreases equity, enter it as a negative number. Enter your numbers with no dollar signs and no commas. For example, if the answer is $21,000, enter 21000.
8. What is the balance in Additional Paid in Capital (i.e. Capital in Excess of Par) as of December 31, 2022?
If the amount increases equity, enter it as a positive number. If the amount decreases equity, enter it as a negative number. Enter your numbers with no dollar signs and no commas. For example, if the answer is $21,000, enter 21000.
9. By how much does the declaration and payment of dividends during 2022 decrease net income for ABC?
If the amount increases income, enter it as a positive number. If the amount decreases income, enter it as a negative number. Enter your numbers with no dollar signs and no commas. For example, if the answer is $21,000, enter 21000.
10. As a result of these events only, what is the balance in cash as of December 31, 2022?
Enter your numbers with no dollar signs and no commas. Please enter as a positive number with no negatives. For example, if the answer is $21,000, enter 21000.
Just need these 5, as I have gotten the first 5 correct.
Incorrect answers I have already come up with: ****
5. 192,000 (incorrect)
6. 15,000 (incorrect)
7. 10,000 (incorrect)
8. 190,000 (incorrect)
9. -38,000 (incorrect)
10. 12,000 (incorrect)
^just to save us all some time , thanks in advance!